The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support
to international institutions.

The New York Fed engages with individuals, households and businesses in the Second District and maintains an active dialogue in the region. The Bank gathers and shares regional economic intelligence to inform our community and policy makers, and promotes
sound financial and economic decisions through community development and education programs.

In light of improving market conditions, Maiden Lane III LLC’s investment objective was revised in April 2012 to allow for the exploration of sales of the assets held in the portfolio. There was no fixed timeframe for the sales; at each stage, the Federal Reserve sold an asset through a competitive process and only if the best available bid represented good value for the public, while taking appropriate care to avoid market disruption. On August 23, 2012, Maiden Lane III LLC completed the sale of its remaining securities.

1Current face amount represents the most recent balance of principal outstanding on the securities at the Offering Circulation Date and should not be confused with market value or the price ML III paid to acquire the assets. At October 31, 2008, inception, the ML III LLC paid $29.3 billion for the portfolio of assets with a face amount of approximately $62.1 billion.